Friday, March 9, 2012

Premier Power signs $27.6 million contract with Shanghai Chaori for US solar plants

EL DORADO HILLS, USA: Premier Power Renewable Energy Inc., a global leader in the development and construction of solar power plants, has finalized a $27.6 million agreement with Chaori Solar USA, an investment-focused subsidiary of Shanghai Chaori Solar Energy Science & Technology Co. to build high-performance, utility-scale solar power plants in the United States. Construction is scheduled to begin in the first quarter of 2012.

"Our expertise in the U.S. and Europe allows Premier Power to pursue the strategy of providing assets and construction services to respected Chinese asset investment funds like Shanghai Chaori," said Dean Marks, CEO of Premier Power. "Organizations throughout China have demonstrated an eagerness to invest in energy infrastructure in both of these key markets. We are confident this agreement is the first of more to come."

"With the US prioritizing alternative energy, we are focused on expanding our presence in this important market through strategic investments," said Willy Chow, CEO of Chaori USA LLC and Sunperfect Solar Inc., a partner of Shanghai Chaori Solar. "Our decision to own energy infrastructure assets in the form of utility-scale solar power plants is based on our commitment to a US market driven by both productivity and effectiveness."

The announcement marks Premier Power's continued relationship with a China-based investment groups. The company first began to target China's well capitalized investment funds in 2010 when one of its solar plants in Italy was sold to the China Energy Conservation and Environmental Protection Group (CECEP), a Chinese state-owned entity and the largest renewable energy investor in the country.

Under the agreement, Premier Power will perform engineering, procurement and construction (EPC) services using panels provided by Sunperfect Solar, Inc. and its proprietary Energy Yield Optimization service, which sets the standard for solar power plants today. The performance ratio – a measure of efficiency for converting the sun's radiation into electricity – of Premier Power constructed plants routinely exceeds the market's historical averages. Rather than approaching a solar power plant as a construction project, the company takes the approach of building a power plant, which must perform over the long term and deliver a high return on investment.

Premier Power has built a strong presence in North America and Europe through the development and construction of more than 1,000 solar projects. With utility-scale projects growing in size across America, there is an increasing demand for providers of turnkey EPC services with a proven track record of delivering power plant performance.